Tuesday, January 10, 2012

Is this a sign of impending new taxes with a Potential New President?

It is flashing neon. Obama cannot possibly pay for his proposed programs unless he increases taxes. But in the same breath, he is saying he will cut taxes for 95% of taxpayers. Please do the math. 40% of all workers do not pay federal income tax, as their salaries are too low, or deductions exclude them. the top 10% of wage earners pay 70% of the federal income tax collected by the IRS. Of that amount 70% is paid by the top one percent of wage earners. The rest is paid by us hard working middle cl. And Obama, as is his norm, deceives us with his wording. He says that he will increase taxes on the rich, then why would any rich people vote for him? What his plan states, is that him will increase taxes on earned income of the rich. The super rich don't really have any earned income, because earned income is what they get from working. They don't really work at a job, but they can make millions of dollars a year from investments, and that is not earned income, but it is capital gains if they don't have it sheltered.

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